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While handicapping is often (over)emphasized by new sportsbettors, the people who are making money day in and day out are not relying solely on picking winners. Just as important are "betting skills", including bankroll management.
There is sometimes confusion as to what to call your "bankroll". Some have said it is as much as you can afford to lose. Others say it is a flexible number since you can always add to your bankroll from other income. While this is true, it is important to have a solid bankroll number is order to properly size your bets. For the offshore bettor, we recommend defining your "bankroll" as the amount of money you currently have offshore, whether in sportsbook accounts or in reserve at money transfer services like Neteller. You can consider it an investment much as you consider stocks and bonds. If you were rebalancing your stock portfolio, you wouldn't adjust based on the amount you were willing to lose or the amount you may add in the future - you optimize based on your current investment. Sportsbetting should be handled the same way.
Your bet size is directly dependent on your banroll (for further information, you can read past BettorStats blog articles on the Kelly Criterion at https://blog.bettorstats.com). Without going into detail, we will say that your average bet size should be in the range of 1-2% of your bankroll. For most bettors, you should rarely go above 5% bets, and if you are a flat bettor, should probably stick to 2% or less.
Also important is how you split your bankroll amongst offshore accounts. There are literally hundreds of offshore sportsbooks, and choosing which ones to utilize can be just as important as choosing a side to bet on. In choosing how to divy up a bankroll between accounts, a few factors should be considered:
1. Getting the best available line
2. Promotions and Bonuses
3. Safety of funds
[b]1. Getting the best available line[/b] - The fact is, most bettors have entirely too few "outs" (books to accept a wager). The most extreme recreational bettors will be stuck with only a single out, whether that be the local bookmaker or a single funded offshore account. And betting against a consensus closing line is almost doomed to failure. The most succesful bettors realize that getting the best available line each and every time they bet puts money in their pocket. For this reason, sophisticated bettors will set themsleves up with a number of outs that maximize their chances of getting the best possible line every time they place a wager. Low-juice outfits, opinionated linesmakers, and slow-moving books are valuable to have at your disposal. Scalping and middling are an essential part of grinding out a profit, so finding these discrepancies between books pays off in a big way. Likewise, this applies to teaser and parlay odds. Are you getting +100 on 6-team teasers or are you paying -110 (or even -120)? Can you find a promo for a free half point or a 7-1 payout on a parlay? Can you find a book that takes correlated parlays or unusual bets where you can gain a big edge? All of these can make a big difference in your bottom line.
[b]2. Promotions and bonuses[/b] - Taking advantage of bonuses is one of the best things a smaller player or beginner can do. Getting a 20% bonus with a 5X roll is like dropping the book's theoretical hold of 4.55% (on -110 wagers) down to 1.22%. Free half points at some sportsbooks can be worth a lot depending on the sport and spread. Smaller players can take advantage of special offers like "Deposit $100, get $100 bonus" and other deals that can quickly turn a small bankroll into a large one. "No-vig" bets, freeplays, and cash bonuses are all things that can greatly increae your bottom line when applied correctly. Depositing money into sportsbooks solely for the promotions is an important part of managing your bankroll.
[b]3. Safety of funds[/b] - The worst thing that can happen when you beat a book out of a lot of money is to get stiffed. Unfortunately, most of the best betting opportunities can be found at books with bad reputations, little experience, or high-risk business models. These opportunities carry a good deal of risk, but can pay off very well. Like anything else, you should balance risk vs. reward, and for that reason should sometimes be willing to risk small amounts of deposit money at these betting shops. However, you should make an effort to understand how risky a shop is before sending money there. Sportsbookreview.com is an excellent source for news and sportsbook ratings.
In Part 2 of this article, we will give suggestions on how to split your bankroll between enough appropriate outs, and give some examples of how to balance risk versus reward in choosing sportsbooks.
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